XML 25 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows from Operating Activities:    
Net income $ 4,242,251 $ 9,381,916
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,668,976 10,061,558
Loss from disposal of property, plant and equipment 25,774
Allowance for bad debts 20,833
Share-based compensation expenses 1,417,395 5,268
Deferred tax (1,515,689) (878,730)
Changes in operating assets and liabilities:    
Accounts receivable (1,041,625) (273,781)
Prepayments and other current assets 1,708,601 2,326,204
Inventories 1,482,013 (2,458,300)
Accounts payable 1,064,764 1,132,548
Notes payable (11,392,982) (9,478,519)
Accrued payroll and employee benefits (252,632) (232,861)
Due to a related party (341,790) 121,312
Other payables and accrued liabilities 911,234 1,063,161
Income taxes payable 632,911 (101,216)
Net Cash Provided by Operating Activities 8,630,034 10,668,560
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (7,713,993) (11,312,300)
Proceeds from sale of property, plant and equipment 39,344 0
Net Cash Used in Investing Activities (7,674,649) (11,312,300)
Cash Flows from Financing Activities:    
Proceeds from related party loans 14,000 5,242,483
Repayments of related party loans (6,090,257) (390,000)
Proceeds from short-term bank loans 3,493,848 3,234,990
Repayment of bank loans (3,038,129) (6,882,440)
Payment of capital lease obligation (542,678) (5,378,582)
Release of restricted cash 8,354,853 5,548,008
Net Cash Provided by Financing Activities 2,191,637 1,374,459
Effect of Exchange Rate Changes on Cash and Cash Equivalents (197,154) (258,471)
Net Increase in Cash and Cash Equivalents 2,949,868 472,248
Cash and Cash Equivalents - Beginning of Period 2,641,917 3,891,473
Cash and Cash Equivalents - End of Period 5,591,785 4,363,721
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 1,746,568 1,717,941
Cash paid for income taxes $ 2,960,604 $ 4,332,110